* Indonesia posts lowest close since May 8
* Philippines extends fall into second day
* Vietnam closes 2.3 percent lower
By Karthika Suresh Namboothiri
May 17 (Reuters) - Philippine shares fell over 2 percent on
Thursday, hurt by holding firms and property companies, while
Indonesian stocks erased early gains to close lower ahead of a
central bank policy decision.
The Philippine Stock Exchange PSEI Index extended
falls into a second session and closed 2.2 percent lower. It has
declined 1.6 percent so far this month after three straight
monthly falls.
Ayala Corp dropped over 5 percent, while SM Prime
Holdings closed 3.7 percent lower.
A fall in March remittances would have also worried
investors, said Fio De Jesus, an equity research analyst with
RCBC Securities in Manila.
Indonesian shares closed 0.4 percent lower after
rising 1 percent intraday with financials being the top losers.
Bank Central Asia declined 1.7 percent to its
lowest close since late April, while United Tractors
rose 4.3 percent.
Bank Indonesia will raise its key interest rate to support
the rupiah and stabilise domestic markets, a majority of
economists in a Reuters poll said. The decision is due later in
the day.
The rupiah has lost more than 5 percent against the
dollar since late January despite central bank intervention, and
in recent weeks has traded near its weakest level since December
2015.
Vietnam shares declined 2.3 percent to a one-week
closing low.
Malaysian shares finished 0.2 percent lower, hurt by
financials.
Earlier in the day, they gained 0.5 percent on the back of
gains in consumer goods stocks after the new government said it
will introduce a sales and service tax to partly offset the
shortfall in revenue from effectively scrapping the general
sales tax (GST) from June.
Public Bank Bhd fell 0.7 percent, while plantation
company Kuala Lumpur Kepong ended nearly 4 percent
lower.
Malaysia's annual economic growth slowed to 5.4 percent in
the first quarter, data released by the central bank showed.
Thai shares closed slightly higher, aided by energy
stocks. PTT Exploration and Production rose 6.5
percent with oil prices hitting their highest since November
2014.
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SOUTHEAST ASIAN STOCK MARKETS
Change on the day
Market Current Previous close Pct Move
Singapore 3536.76 3533.05 0.11
Bangkok 1751.2 1750.62 0.03
Manila 7694.12 7869.56 -2.23
Jakarta 5815.92 5841.464 -0.44
Kuala Lumpur 1854.44 1858.26 -0.21
Ho Chi Minh 1030.64 1054.62 -2.27
Change on year
Market Current End 2017 Pct Move
Singapore 3536.76 3402.92 3.93
Bangkok 1751.2 1753.71 -0.14
Manila 7694.12 8558.42 -10.10
Jakarta 5815.92 6355.654 -8.49
Kuala Lumpur 1854.44 1796.81 3.21
Ho Chi Minh 1030.64 984.24 4.71
(Reporting by Karthika Suresh Namboothiri; Editing by
Subhranshu Sahu)